# In the matter of Orma Marble Palace Private Limited IA(IBC)-152(KOB)-2022 in IBA-41-KOB-2020

> NCLT judgment dated 2022-12-23. Citation: TCN-2022-NCLT-00016. The case involves an application filed by the Resolution Professional (RP) under Section 31 of…

- **Court:** NCLT
- **Order date:** 23 Dec 2022
- **Citation:** TCN-2022-NCLT-00016
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/orma-marble-palace-private-limited-iaibc-152kob-2022-in-iba-41-kob-2020-5ab0e399

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 31 of the Insolvency and Bankruptcy Code, 2016 ("Code") for approval of the Resolution Plan submitted by the successful Resolution Applicant, Dr. K.V. Tolins. The underlying Company Petition was filed by Dhanlaxmi Bank Limited against Orma Marble Palace Pvt. Ltd, the Corporate Debtor, under Section 7 of the Code, which was admitted vide Order dated 09.04.2021. Mr. Jasin Jose was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP issued invitations for Expression of Interest (EOI), received EOIs from three Prospective Resolution Applicants (PRAs), and the last date of submission of the Resolution Plan was

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## Facts

Dhanlaxmi Bank Limited initiated corporate insolvency resolution process (CIRP) against Orma Marble Palace Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 09.04.2021. Jasin Jose was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP issued invitations for Expression of Interest (EOI) and received EOIs from three Prospective Resolution Applicants (PRAs). Dr. K.V. Tolins, Managing Director of Tolins Groups of Companies, submitted a Resolution Plan. The CoC requested modifications to the Resolution Plan in multiple meetings. The Resolution Applicant submitted revised Resolution Plans. The CoC approved the revised Resolution Plan with 100% votes on

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Dr. K.V. Tolins should be approved under Section 31 of the …

**Ratio:** Section 31 of the Insolvency and Bankruptcy Code, 2016 provides the framework for the

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**Reasoning:** The NCLT considered the Resolution Plan submitted by Dr. K.V. Tolins and the submissions

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**Interpretation:** Section 31 mandates that the Adjudicating Authority must be satisfied that the

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**Application:** In this case, the NCLT was satisfied that the Resolution Plan submitted by Dr.

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Dhanalaxmi Bank…
- **Respondents:** Orma Marble…; Orma Marble…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition in IBA/41/KOB/2020 was filed by Dhanlaxmi Bank Limited against Orma…
- **2021-04-09 — Admission of Company…**: The Company Petition filed by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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